The bleak reality is that Liverpool have about the fifth highest wage bill in the league, which means they will finish fifth or sixth, with an outside chance at fourth every few seasons. History, fan culture, tactics, managerial quality, shrewd ownership - none of these matter as much as where you stand in the wage bill rankings. Other things - having a great stadium, for example - only matter insofar as they contribute to revenues and, by extension, the amount you can pay players.
There is no magical "Manchester United/Arsenal/Chelsea/Man City Way" that gives clubs a right to be at the top, nor is there any fundamental flaw in the culture of clubs lower down the table. It's all down to money.
With that said, one of the few ways to break that top four with a less-than-top-four wage bill is to win the Europa League. That probably means finishing somewhere between seventh and tenth in the league - which would I argue is a good bargain, because it gets you out of the Europa League the following season giving a fifth or sixth-ranked club a better chance at a top four run that season.